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Tenants are forking out more for rent, report says
T AN ARTIST’S impression of the Blue Amber resort which will enable South Africans to buy residential property in Zanzibar. PICTURE: BLUE AMBER
ZANZIBAR LIVING IS NOW AN OPTION CONSTRUCTION of East Africa’s largest luxury property development is under way, and it will be the first to offer South Africans the opportunity to buy property on the island of Zanzibar. Blue Amber, which nestles along 4km of magnificent, untouched Indian Ocean coastline – occupying 410 hectares of tropical landscape on the north-eastern side of Zanzibar – incorporates residential, hotel, tourism, community and public amenities which will include luxury villas to purchase. Zanzibar only opened its doors to non-Tanzanian resident investors recently
when the government announced a new tax and residency programme and so now, for the first time, nonTanzanian residents can invest in property on the tropical island. The Blue Amber resort enables non-Tanzanian residents to buy residential property in Zanzibar on 99-year leases with the option of extending ownership by 49 years. Grant Anderson, chief executive of Blue Amber, says buyers will receive a host of tax benefits when purchasing within the development and also receive residency permits for themselves and their immediate family.
ENANTS in the Western Cape paid the highest average rent last year, followed by those in KwaZulu-Natal. South Africa’s rental growth over the last quarter of 2021 was “promising” compared to the rest of the year, with the average rent in December increasing by 1.5% year-on-year, reveals PayProp’s Annual Market Report for the year. This is the fastest rise since July 2020. Rental growth of 0.3% and 0.6% was recorded in October and November. respectively, taking the overall Q4 increase to 0.8%, which translates to average rent going up to R7 906 from R7 854. “Granted, an increase of R52 per month doesn’t seem like a lot, but the uptick is
nevertheless a positive sign,” the report says. The average national rent for last year was R7 906 a month. For comparison, these are the provincial averages: WESTERN CAPE: KWAZULU-NATAL: NORTHERN CAPE: GAUTENG: MPUMALANGA: LIMPOPO: FREE STATE: EASTERN CAPE: NORTH WEST:
R9 413 – 1.7% increase R8 386 – 1.9% increase R8 287 – 3.0% increase R8 253 – 2.0% increase R7 791 – 3.8% increase R7 168 – 3.7% increase R6 512 – 0.2% decrease R6 407 – 2.8% increase R5 382 – 1.8% increase
PROPERTY rent in the Western Cape was the highest in the country last year. PICTURE:GARTH MANTHE/UNSPLASH
Record solar install planned for SA
THE ROOFTOP of Durban’s Cornubia Mall will soon be home to Africa’s largest rooftop-only solar PV plant. PICTURE: CORNUBIA MALL/FACEBOOK
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HE LARGEST rooftop solar PV plant in the country’s history is due to be installed on the roof of Cornubia Mall in North Durban. The plant will be installed by commercial real estate developer Investec Property and is part of its mission to embrace renewable, low-carbon emission technology across its assets, thereby decreasing their environmental impact. The venture will reduce the amount of electricity the mall will have to use and ease pressure on the national power grid. “We are incredibly proud of our team for securing this deal and for
being able to enhance the value of the exceptional shopping centre, Cornubia Mall,” says Investec co-chief executive Gavin Bernstein. The property group’s solar partner, Terra Firma Solutions, will install the plant, one of the biggest in the world, over the next five months. And with a direct current capacity of 5 254 kWp (5.25 MWp) and an alternating current capacity of 4 290 kW (4.29 MW), Cornubia Mall’s solar PV plant will be the largest rooftop-only solar PV plant in Africa. The current biggest rooftop-only system in Africa has a DC capacity of 4 755 kWp (4.75 MWp).
HOME owners need both home contentsand building insurance. PICTURE: ERIKA WITTLIEB/PIXABAY
COVER ALL BASES FOR HOME INSURANCE ONE MAJOR necessity when becoming a home owner is insurance, not only for the physical property, but also the home’s contents. Owners need to know the difference between the two, and also ensure they are adequately insured, explains Ynnis Willson, branch manager at Jawitz Properties Randburg. “Building insurance covers home owners from structural
damage caused by fire, extreme weather or burst geysers and pipes. Interestingly, it also covers the replacement of keys, locks and remote-control units, and accidental breakage to fixed glass and sanitaryware.” She says a building’s market value isn’t the same as its insured value and the amount insured should cover the cost of rebuilding your home. “Building insurance should cover what it would cost to rebuild your property from the foundations up, including your boundary walls, solar panels, swimming pool, taps and tiles. “And if you’ve made major improvements to your home, such as adding a new room, tell your insurer, or risk being
under-insured.” With up to 60% of South Africans being under-insured, Wilson says home owners must make it a priority to check that their home contents policy covers the current replacement value of their household goods and not what they paid for them. “High-value items that are only kept in the house should be covered, but the moment you take any high-value items outside the house, they must be included under your portable possessions cover (specified all risks) or they’re effectively uninsured. “This includes phones, laptops, jewellery, watches, sunglasses, clothing, your gym bag and its contents and luggage, for example.”
